The formula involves several calculations including a “base loss of value” of 10% of the...

Federal judge rejects class action targeting State Farm’s auto damage claims – PropertyCasualty360

The formula involves several calculations including a “base loss of value” of 10% of the vehicle’s pre-loss retail value,  along with modifiers for damage severity and mileage. (Photo: anekoho/Adobe Stock) Judge Clay Land of the U.S. District Court for the Middle District of Georgia denied class action certification to more than 600,000 State Farm insurance policyholders over claims that the insurer had undervalued replacement and repair costs for accident-damaged vehicles for years. Land wrote that a  20-year-old court decision aimed at providing a formula for evaluating the value of a vehicle’s lost value — which also allows for an insured to …

 

Read the full article here


-- END RSP MOD -->